Stocktaking

Stocktaking is the physical verification of the quantities and condition of items held in an inventory or warehouse

Stocktaking guarantee these advantages:
•    Match the physical and booked quantity
•    Reveal internal theft
•    Uncover book keeping errors (Manually, and Electronic)
•    Easy reference for internal & external auditors
•    Reveal unrecorded transactions
•    Detects errors at early stage
•    Increase confidence in selling/buying decisions.

Stocktaking types:

Periodic Stocktaking:
-    Can be half yearly, quarterly, monthly, bi-monthly
-    All stocks are physically counted
-    A variance report is provided to the customer
    
Continuous Stocktaking:
-    ABC stock classification can be used with high frequency of count for class A, less for B and minimum for C.
-    Ensures a full count of all the stock depending on the nature of each activity. 

Surprise Stocktaking:
-    Happens suddenly without letting the employees know neither the time of the stocktaking nor the SKUs of the stocktaking
-    Decreases the possibility of theft from the warehouse
-    Forces warehouse employees to be always on the alert
-    Count the precious product or the fast moving product or as the customer requirements